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Real estate column: Low inventory, low interest rates

Editor’s Note: This is the second monthly installment in PhinneyWood’s new real estate column. We already have agents lined up to write the next several months, but if you’d like to be added to the list for future columns, please email us at [email protected]

By John “Mack” McCoy, Lake & Company Real Estate (Green Lake office)

Real estate values. Remember those exciting sitcoms about people sitting around the kitchen table talking about “maintaining property values?” We neither.

Still – home prices are important to prospective home buyers, investors, and property owners. So what’s happening in Phinneywood?

It’s hard to buy a home in Phinneywood nowadays. There are about a dozen houses for sale, priced from $380,000 to $730,000; seven condos from $129,950 to $315,000.

There were 47 closed sales between June and August, 41 houses and 6 condos. The median house price was $522,200; the condos ranged from $90,000 to $282,500. Compared to the previous year, with 37 houses and 3 condos; median house price of $450,000; there’s been a bit of a jump.

Even more exciting than talking about Property Values is having a “thrill reel” featuring Interest Rates! They are lower than the rumble from Uncle Max’s floor-to-ceiling loudspeakers. And the “super bass” of low interest rates – currently at just over 3.5 percent, compared to 4.25 a year ago – increases buying power by almost 10 percent.

Citywide, values are up and inventory is down; the number of listings is barely half of what it was a year ago.

We’re not crystal-ball types, but we do predict that you’ll be able to get the entire season of PhinneyWood Real Estate Values and Interest Rates through Netflix. Meanwhile, keep those beautiful gardens up, and shop locally!